China's foreign trade achieved unprecedented levels in 2024, consolidating its position as the leading global player in goods trade.

The General Administration of Customs (GAC) reported that China's total goods imports and exports reached a record total value of 43.85 trillion yuan (approximately 6.1 trillion U.S. dollars), representing a 5 percent increase from the previous year.

Export growth was especially robust, rising 7.1 percent to 25.45 trillion yuan, whereas imports saw a 2.3 percent increase to 18.39 trillion yuan.

Speaking at a press conference in Beijing, Wang Lingjun, GAC deputy head, emphasized the rapid pace of China’s trade growth compared to other major global economies.

He underscored that December saw exceptional results, with monthly imports and exports exceeding 4 trillion yuan, up 6.8 percent year-on-year, contributing to a fourth-quarter total of 11.51 trillion yuan.

China fortified its role as the largest global goods trader, with its exports and imports constituting 14.5 percent and 10.5 percent, respectively, of the world totals in the first three quarters of 2024, according to data from the World Trade Organization.

Wang attributed these accomplishments to strategic policies implemented by the central government to stabilize and bolster foreign trade, including 16 measures designed to enhance the business environment at ports.

UPGRADED EXPORTS AND GROWING IMPORTS

Throughout 2024, China witnessed notable advancements in the structure of its trade products, with high-tech industries experiencing significant growth.

Machinery exports increased by 8.7 percent, making up nearly 60 percent of total exports.

The nation experienced substantial growth in exports of high-tech products, such as electric vehicles, 3D printers, and industrial robots, and notable expansion in cross-border e-commerce, which reached 2.63 trillion yuan for the year.

Meanwhile, China led green trade efforts, supporting global climate change response through significant green energy exports, especially in wind and solar technologies.

The country also increased its exports of electric vehicles and other green transport solutions.

On the import side, China’s robust appetite for electronic components, semiconductor manufacturing equipment, and computer parts fueled significant growth in those sectors.

Consumer market imports also maintained strength, with increases in categories such as clothing, fruits, and wine.

Lyu Daliang, director of the GAC's Department of Statistics and Analysis, noted challenges in the pace of import growth, citing declining prices for commodities such as crude oil and iron ore, as well as external economic and trade tensions that affected certain imports.

China’s move to grant zero tariff treatment to least developed countries significantly boosted trade, with imports from these nations increasing by 18.1 percent in December alone, showcasing China's commitment to opening its market.

BROADENING 'FRIENDS CIRCLE'

Wang highlighted China's expanding global trade networks, noting that the number of countries China trades with increased, particularly among those participating in the Belt and Road Initiative, which accounted for a significant portion of China’s trade volume in 2024. These countries contributed 53.6 percent of China’s total imports, reinforcing China’s commitment to international cooperation and development.

China continued to prioritize regional economic partnerships, maintaining strong trade relationships with ASEAN nations and other key partners, including the BRICS and regions in Latin America, Africa, Asia, and Europe.

Trade with traditional markets, such as the EU and the United States, also grew, with the EU as a primary source of consumer products.

Major international economic organizations have anticipated continued growth in global goods trade, suggesting favorable conditions for the ongoing development of China's foreign trade in 2025. Despite potential global challenges, China's diverse market strengths and comprehensive export portfolio are set to uphold its trade resilience and vitality.